Insurance losses from an earthquake that struck New Zealand last week are estimated to run at less than $200 million, according to a loss modeler.
Boston-based AIR Worldwide, a subsidiary of Jersey City, N.J.-based Insurance Services Office Inc., estimated that a strong earthquake that struck New Zealand on Dec. 20 would amount to less than $250 million New Zealand dollar (U.S. $192 million at the current exchange rate) in insured losses.
The 6.6 magnitude quake on the Richter scale struck 30 miles east-southeast of Gisborne, New Zealand, according to the U.S. Geological Survey. The quake's epicenter was located out in the ocean.
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